Ergomed and Boryung to commercialise products in Korea
Ergomed
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08:02 13/11/23
Specialist pharmaceutical and drug development company Ergomed, along with Korean pharmaceutical business Boryung Pharmaceutical, announced an agreement to commercialise Ergomed's haemostat products ‘PeproStat’ and ‘ReadyFlow’ in South Korea on Wednesday.
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The AIM and KRX-traded firms said that, under the terms of the collaboration, Ergomed would receive an upfront and a series of milestone payments, as well as a double-digit share of all future product sales in the territory.
It said the agreement was the first in a series of anticipated deals that would support global sales of the products, which were obtained through Ergomed's acquisition of Haemostatix in 2016.
“We are very pleased to sign our first commercialisation deal on the Haemostatix products,” said Ergomed executive vice chairman Dr Miroslav Reljanovic.
“This partnership underlines the broad, global interest in novel, innovative haemostats, and endorses the Haemostatix platform, confirming its potential to generate significant future value to Ergomed and its shareholders.
“Korea is a rapidly growing market for haemostats and Boryung is an ideal partner with their marketing capability and experience with innovative drugs.”
The Ergomed board described PeproStat as an “innovative” haemostat for the control of bleeding during surgical procedures.
It said the product was based on a peptide that binds to fibrinogen in blood to promote localised clotting in a wound.
Current therapies were based on the enzyme thrombin, which Ergomed said required “multiple preparation steps” and were manufactured from blood donations with the related risks of infection and a complex supply chain.
In contrast, it said PeproStat is “synthetic, fast acting and ready-to-use”, and had completed recruitment in a Phase IIb study in five European countries with data expected in the fourth quarter of 2017.
It anticipated that the product would reach the market in 2020 in Europe and 2021 in Korea.
The company described ReadyFlow as a “flowable formulation” that was particularly suited to less accessible bleeds.
It said the product was currently in preclinical development.
ReadyFlow was awarded first prize in the UK's Royal Society of Chemistry Emerging Technology Competition.
“Boryung Pharm is one of the largest pharmaceutical companies in South Korea with a leading position in the market,” said Boryung executive chairman Tae-Hong Choi.
“We look forward to working with Ergomed and to making the potential value of the Haemostatix platform available soon in South Korea.”